Maryland Solar Panels Incentives
Maryland Solar Panels
As home or business owner in Maryland solar panels and solar energy systems can help you can earn valuable incentives on the local, state, and federal level. Solar Energy World makes sure you’re taking advantage of every financial opportunity your solar panel system has to offer.
Why Does Maryland Offer Solar Incentives?
The state of Maryland’s Renewable Portfolio Standard requires that 2% of the state’s energy (or about 1,200 megawatts) come from solar by 2020. As of December 2013, Maryland had only reached approximately 158 megawatts of installed capacity. That is why it the state is offering lucrative incentives NOW to entice more Maryland homeowners and businesses like you to make the switch to solar.
Maryland Solar Grants
The Maryland Residential Clean Energy Grant Program currently offer homeowners $1,000 grants for Maryland solar panels up to 20 kilowatts. The Maryland Commercial Clean Energy Grant Program offers similar incentives for Maryland businesses, non-profits, and government offices that go solar. Visit the Maryland Department of Energy’s Solar Progress site to learn more.
Maryland Solar Renewable Energy Certificates (SRECs)
More Maryland Solar Resources
In Maryland, your solar panel system can actually help you generate income through what’s known as Solar Renewable Energy Certificates or Credits (SRECs). Under Maryland’s Renewable Portfolio Standard, you can earn one SREC for every 1,000 kilowatt-hours your solar panels produce. You can sell your SRECs to traders or directly to utility companies, which purchase SRECs to help them meet their solar energy quotas. Maryland has proven to have a stable SREC market since its inception in 2008. Solar Energy World can help you determine if monetizing your solar panels into SRECs is right for you.
Local Solar Tax Credits in Maryland
Maryland’s statewide push to go solar has compelled many Maryland counties to offer solar tax credits as well. Solar Energy World stays on top of the latest local solar incentives for you, so that you don’t have to worry about missing out.
- Anne Arundel County: One-year property tax credit of up to 50% of your total installation costs (up to $2,500)
- Baltimore County: Property tax credit of up to 50% of your total installation costs OR $5,000 (whichever is lesser). Maximum credit determined your property taxes.
- Harford County: Property tax credit of up to $2,500
- Prince George’s County: Property tax credit of up to 50% of your total installation costs (up to $5,000).
THIS JUST IN! New Local Incentives Now Available for Solar Lease/PPA:
- Baltimore County: To be eligible for the credit, applications but be submitted within the 12 months immediately following the installation date, Estimated 2-3 year wait, Incentives: The lesser of 50% of materials and installation costs or $5000
- Anne Arundel County: Applications must be submitted on or before June 1, 2016 for tax credits for the taxable year beginning July 1, 2016, Incentives: 50% of the cost of materials and installation of the solar energy equipment, maximum credit of $2,500
Federal Solar Incentives for Maryland Homeowners
The Federal Residential Renewable Energy Tax Credit allows you to claim a credit of 30% of qualified expenses for a solar panel or solar energy system installed at your home. This federal rebate is ensured through the end of 2019, after which it will begin to decrease incrementally. In 2021, the rebate will be locked at 10%.
Federal Solar Incentives for Maryland Businesses
The Federal Business Energy Investment Tax Credit currently allows businesses to claim a 30% tax credit for installed solar energy systems that are placed into service after December 31, 2016. Businesses are also allowed to recover solar technology investments through depreciation deductions as five-year property.
More Financial Incentives for Going Solar:
- Solar panels and solar energy products are exempt from Maryland sales tax.
- Maryland electricity rates have increased 78% since 2002. Switching to solar panels and solar energy protects you from this volatile market and saves you thousands of dollars in long-term energy costs.
- Maryland is a sunlight-rich state. Weather tracking shows that Maryland gets 50% more sunlight per day than Germany, a country that leads the world in solar panel installations.
- Solar panel systems increase your home or building’s value. An energy-efficient home often sells faster and at a premium.